Commercial Real Estate News 12-05-17

Sales Transactions

1. ABI Multifamily announced the $59M ($256.5K/unit) sale of the Alta Fillmore Apartments, a five-story, midrise-style apartment community located in Downtown Phoenix. The buyer was Pure Multi-Family, a Canadian based, publicly traded REIT, and the seller was Wood Partners, a private investment/development company based in Georgia. Rue Bax, John Kobierowski, Alon Shnitzer, Eddie Chang and Doug Lazovick, the multifamily brokerage team at ABI represented both the buyer and seller in this transaction.

2. Berkadia announced the sale of Indian Springs Apartments, a 460-unit garden-style multifamily community located at 1031 S. Stewart St., in Mesa. Ric Holway, Mark Forrester and Dan Cheyne, completed the $49M sale on behalf of the seller, Stratford Partners LLC. Jeff Stuart of Berkadia’s Seattle Office represented the buyer, OpenPath Investments, LLC.

3. Bear Holdings Group has purchased Arroyo Vista Apartments, a 16-building, two-story apartment community in Glendale for $25M ($94.67/SF). The seller was Utah-based Wasatch Group. Doug Lazovick, Alon Shnitzer, John Kobierowsky, Rue Bax and Eddie Chang of ABI Multifamily represented both the buyer and seller in this transaction.

9. Western Wealth Capital (WWC) purchased Country Gables, a 139-unit rental community in the Northwest Valley, for $12.3M. The purchase represents their 35th multifamily acquisition in Greater Phoenix. The acquisition was brokered by Cliff David of Marcus & Millichap; and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap.

10. Lee & Associates announced that the Fincham Dempsey Team arranged the sale of the 54.4KSF Pueblo Point Shopping Center, located at 13801 N Tatum Rd, for $11M. Jan Fincham, Patrick Dempsey and Andrew Lundahl, facilitated the transaction on behalf of the seller, Arneil Pueblo, LLC., and the buyer, Paradise Valley Ventures, LLC.

12. CBRE completed the sale of two multifamily properties totaling $3.75M in two separate transactions. The first, a 24-unit garden-style apartment community at 1827 E. Lemon St., Tempe called Gran Limon, was purchased by Runyon Properties, LLC for $2.4M from Gran Limon Apartments, LLC. The second, a 26-unit garden-style apartment community at 6017-6025 N. 61st Ave. in Glendale called Rossmore, was purchased by Rossmore Apartments, LLC for $1.35M from AZ Qualhousing, LLC in a 1031 exchange. Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE’s Phoenix Office represented both the sellers and buyers.

13. ORION Investment Real Estate announced the sale of Stapley Place Apartments in Mesa for $3.3M ($71.7K/unit). The 46-unit, garden-style multifamily community was built in 1985 and consists of 100% two bedroom / two bathroom units, averaging 797SF. Joe Dietz and Bob Farrell of ORION represented the seller, Tran Living Trust. The buyer was Trinity Apartments LP and was represented by ABI Multifamily.

14. Two Dollar General stores in Tucson were sold for $3.5M in two separate transactions. DCM Development sold the 9KSF Dollar General at 6780 N. Sandario Rd. for just under $1.75M ($194/SF). Dave Hammack of Volk Company in Tucson represented the seller while the investor, Damco Arizona Properties LLC, was self-represented. Eight Bits LLC sold the 9.1KSF Dollar General at 16355 N. Oracle Rd. to a group of private investors for $1.75M. Candace Bare with Marcus & Millichap in Las Vegas represented the seller and Steven Schechter with Marcus & Millichap in Encina represented the investor.

15. The Prescott City Council unanimously approved the purchase of 160 acres of the Storm Ranch North for $2M on Tuesday, Nov. 28. The parcel is about one-third of the 490 acres that make up Storm Ranch North. The purchase was the result of negotiations between city officials and Storm family members Ed and Virginia Seaver, Elenor Huddleston, and James Harvey.

Lease Transactions

16. Waste Management, Inc. leased 47.5KSF of new, Class A office space at the Union Hills Office Plaza located at 2550 West Union Hills Dr., Phoenix. Savills Studley represented Waste Management in the transaction. The plaza is owned by Artis REIT, which was represented by John Bonnell and Chriss Latvaaho of JLL in the transaction.

17. United Comb & Novelty Corporation, an entity of United Solutions, leased 120.7KSF at Fiesta Tech located at 1343 N. Colorado St in Gilbert. Cushman & Wakefield’s James Harper represented the tenant. The landlord, Scottsdale-based Conor Globe-Fiesta Tech, LLC, was represented by Steve Larsen of JLL.

18. LGE Design Build announced two new tenants coming to The Colony along 7th St. north of Missouri Ave. in Downtown Phoenix: Farm & Craft and The Drip Room: A Vitamin Bar, both slated to open in January 2018. The two-part project involved renovating an existing 1950-era building with an additional 8,122SF of new construction.

20. Lee & Associates Arizona completed two leasing transactions at Parc 17 totaling 177.7KSF in industrial space located at 1800 S. 7th Ave., Phoenix. Peterson Aluminum signed a lease for 52.8KSF while Polyloom signed on for 31.9KSF. Lee & Associates Principals Stein Koss and Tom Louer worked on behalf of the owner to identify the tenants and arrange the transactions.